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Markets have turned choppy after making a firm opening on news that the IMF raised India's growth forecast a tad, citing the resilience of its economy and robust growth momentum.

By 10:25 am, the benchmark S&P Sensex was at 28,284 levels down 50 points and Nifty50 index dipped 21 points to trade at 8,748 levels. In the broader markets, BSE Midcap and Smallcap indices are up 0.1%-0.5%.

Top gainers from the Sensex pack are SBI, Tata Steel, HUL, Tata Motors and Maruti Suzuki, all surging over 1%. On the losing side, ONGC, Bajaj Auto, Hero MotoCorp, Infosys and HDFC are down 0.5%-1%.

NBCC hit a new high of Rs 299, up 8% on the BSE after the state-owned construction firm said that it has secured total business amounting of Rs 1,117 crore in the month of September, 2016. The stock had rallied 7% on Tuesday.

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Updated at 9:18 am

Markets have extended yesterday’s gains and have commenced firm after IMF raised India's growth forecast a tad, citing the resilience of its economy and robust growth momentum.

By 9:18 am, the benchmark S&P Sensex was at 28,441 levels up 107 points and Nifty50 index gained 26 points to trade at 8,795 levels.

Meanwhile the International Monetary Fund (IMF) has raised India's growth forecast a tad, citing the resilience of its economy and robust growth momentum. The IMF now expects the economy to expand 7.6% in 2016-17, up from its earlier projection of 7.4%.

Bekxy Kuriakose, Head – Fixed Income, Principal Pnb Asset Management said, “The policy outcome was as per market expectation, which had partially factored in the rate cut in the prices. The statement spoke about the slowing momentum of food inflation and reduction of small savings rate and felt that the upside risks to inflation was somewhat lower than last policy statement. In the post policy con-call RBI spoke about real interest rate around 1.25%, compared to 1.5%-2,0% earlier. We expect another 25 basis rate cut by March 2017.”

In overseas stock markets, most Asian stock were trading lower. US stocks closed lower yesterday, 4 October 2016 as investors digested data from the International Monetary Fund and remarks from a Federal Reserve official.

HDFC announced that the profit on sale of investments declined 60.41% to Rs 19 crore in Q2 September 2016 over Q2 September 2015. Income from dividend rose 7.29% to Rs 456 crore in Q2 September 2016 over Q2 September 2015.